Anil Singhvi’s Strategy July 8: Oil Companies, Auto, Cement, Metal and IT Sectors are Negative; Sell Maruti Futures with Stop Loss 6450
Amid positive DIIs, neutral FII and F&O and negative global markets cues, the short-term trend of the Indian markets will be positive, says Zee Business Managing Editor Anil Singhvi.
Amid positive domestic institutional investors (DIIs), neutral foreign institutional investors (FII) and futures and options (F&O) and negative global markets cues, the short-term trend of the domestic Indian markets will be positive on Monday, July 8, 2019, while sentiment is cautious.
The stock markets, the Sensex and Nifty, earlier on Friday, July 5, 2019, the day of presentation of the Union Budget on Friday, July 5, 2019, closed in a red, The Sensex at the Bombay Stock Exchange plunged 394.67 points (0.99%) to close at 39,513.39. The Nifty at the National Stock Exchange slipped 135.65 points (1.14%) to 11,811.15. However, Bank Nifty gained 3.95 points (0.01%) to settle at 31,475.80.
See Anil Singhvi tweet below:
— Zee Business (@ZeeBusiness) July 8, 2019
Zee Business's Managing Editor Anil Singhvi's Market Strategy for July 8:
11,800 and 31,500 are going to be the deciding levels on Nifty and Bank Nifty respectively.
The small and medium day range for trading on Nifty lies between 11,725-11,825 and 11,700-11,875 respectively. The bigger range stands at 11,625-11,900.
The small and medium day range for trading on Bank Nifty lies between 31,375-31,450 and 31,275-31,500 respectively. The bigger range stands at 31,050-31,650.
Put-Call Ratio (PCR) 1.10 near oversold, Volatility Index (VIX) 13.06 at very low. 11,700 could be an important level to cover shorts.
For Existing Long Positions:
Nifty intraday stop loss and closing stop loss 11,775.
Bank Nifty intraday and closing basis stop loss 31,250.
For Existing Short Positions:
Nifty intraday and closing stop loss at 11,925.
Bank Nifty intraday 31,650 and closing stop loss at 31,500.
For New Positions:
Sell Nifty with stop loss of 11,900 and target 11,750, 11,725, 11,700.
Buy Nifty near 11,700-11,725 range with stop loss of 11,650 and target 11,775, 11,800, 11,825.
Sell Bank Nifty with stop loss of 31,650 and target 31,375, 31,275, 31,150.
Buy Bank Nifty in 31,050-31,150 range with stop loss of 31,000 and target 31,275, 31,375, 31,450.
Negative: Oil Cos., Auto, Cement, Metal and IT.
In F&O Ban: Reliance Capital, DHFL
Stock of the Day:
Sell Maruti Futures: Stop loss 6450 and target 6250, 6100. Production cut by 15.6%.
Sell HPCL Futures: Stop loss 291 and target 276, 272, 266. Petrol / Diesel price hike by more than 2/- litre.
Aaj Ka Hero:
Sell PNB Futures: Stop loss 82 and target 78, 76. SFIO found Rs.3800 crore fraud of Bhushan Steel.
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